Going through a Philadelphia bankruptcy is never easy. No one likes the idea of having to get in touch with a Philadelphia bankruptcy attorney. However, Philadelphia bankruptcy lawyers are an essential resource in helping you get through this process. You can count on your Philadelphia bankruptcy lawyer to tell you more about Chapter 7 bankruptcy, chapter 13 bankruptcy and the difference between these two types of personal bankruptcy. If you qualify for Chapter 13 bankruptcy, which refers to a restructuring form of dealing with your debt and will not require you to liquidate all of your assets as you pay off your existing bills, you will be very happy with the Philadelphia bankruptcy lawyer you hire.
However, most people will not qualify for restructuring their debt. They will have to liquidate their assets as a means to resolve their debt. If you are not sure which of these two categories of debtors you fit in, find a Philadelphia bankruptcy lawyer that will help you understand your position better. Professionals that understand bankruptcy options available to people in the Philadelphia area will help you determine which chapter of bankruptcy you qualify for after you go through a means test. A means test determines your current financial solvency, as well as the likelihood that you can find work and begin paying off your debt in the future. Your ability to pay off your debts will affect your bankruptcy eligibility, so locate a Philadelphia bankruptcy professional today.